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1875 Lawrence Under Contract for $35M

DENVER-Principal Life Insurance Co. is selling the 186,000-sf (net rentable) office building to a Behringer Harvard REIT.

By Brian K. Miller | Updated on October 16, 2008

DENVER-Principal Life Insurance Co. is selling 1875 Lawrence, a 186,000-sf (net rentable) office building in Downtown Denver to Behringer Harvard Opportunity REIT II. Behringer says it assumed the $35-million purchase contract from Harvard Property Trust LLS, an affiliate of its advisor.

The 15-story office building sits on a 0.6-acre lot and has subterranean parking. Behringer Harvard Opportunity REIT II has put up $1 million of earnest money. The REIT says it will close on the transaction subject to several conditions, not the least of which is being able to obtain “sufficient net proceeds from the offering of our common stock to the public and financing proceeds to make this acquisition.”

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